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Canadian Oil Drillers Revise Forecast Amid Sustained Economic Pressure

Drilling Contractors (CAODC) has once again revised its drilling forecast amid continued pressure on capital markets and commodity prices. This is the second such revision for 2015, reflecting a sustained effort by contractors to manage lower demand and subsequent employment losses. 

Since its last revision in January 2015, the number of operating days is expected to decline by an additional 10,320 days or 13 per cent. A sharp drop in the number of overall operating days means an estimated reduction of 25,110 total jobs in 2015, down almost 50 per cent from the 2014 total of 49,950. “Potential policy changes in Alberta with respect to royalties, other factors such as LNG activity in British Columbia and depressed commodity prices, means our members must continue to streamline operations and remain agile,” says CAODC President, Mark Scholz. “This is our second revision to the drilling forecast, and we will continue to assess the situation as external factors dictate.”

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